Skip to main content

About your Search

( more )
English 108
Search Results 0 to 49 of about 108 (some duplicates have been removed)
that would let taxes rise on the wealthiest households while protecting the vast majority of americans from tax hikes set to hit in january. welcome to the saturday edition of "and the washington journal." for the first 45 minutes of the program we are going to be talking about senate negotiating a fiscal clifts deal, what has been going on on that half of the capital. see what they are talking about and how things are going. we want to get your input and your part of the conversation. you can reach out to us on twitter. facebook, and you can send us an e-mail. this is more from the article, the lead story in "the washington post." they ride, the development marked a breakthrough after weeks of paralysis. joining us by phone is one of the authors of that article, and, laurie, welcome to the program. tell us, what kind of a deal did the president offered? what is new in the negotiations among the senators and between the senators and the white house? caller: there does not appear to be anything new. the policies they are talking about are the senate has been on the table
: the president is getting higher taxes if we go over the cliff and he can go back and change the tax rate for those making $250,000 or less. the speaker saying it has to be $1 million or above. the president much more in the driver's seat. guest: yes and no. let's say we go over the cliff and that's the markets are in a panic and people have paychecks that have less money in them. people will not necessarily blame john boehner. they will blame the president. he has political capital that could evaporate. i'm not sure if he gets what he wants -- that is not how american politics necessarily works. host: what led to this meeting? harry reid was sounding pessimistic early in the day. then john boehner calling the house back sunday evening with a vote scheduled after 6:00 p.m., setting up a late sunday session or a lot of fireworks on monday. guest: the redskins-cowboys game is on sunday night. each side staked out a public position it had to stake out. use it at the end there's a sentence saying, but we will talk or negotiate. nothing unusual here to me. i think right now they are doing what
in tax revenue on the table. what do i get for that? allegedly we understand president obama came back to him and said, you get nothing. i get that for free. you get nothing. >> there were a couple eye-opening quotes. a "wall street journal" story before christmas that went through the timeline of how this happened between painer and the president -- boehner and the president. boehner put the rough knee on the table and the president saying that's what i get out of the gate. you get nothing for that, which was a surprise to the speaker. he said if we go over the cliff, that the president threatened boehner, he said i will use my inaugural address to blame you for tax increases and for the fiscal cliff going overboard. that brings out pretty big guns when it comes to a president's bully pulpit. if atlantes to use that to play politics, that's significant. >> i have to bring this up. but how did they get to the point where the speaker tried to bring a vote to his caucus to be rejected? how did they not see that coming in why did he bother trying to bring the vote? >> because there's two
. now time for your h comments. writing into their hope barack obama gets all the taxes he wants. i'll bthe first to say i toldd you so when the consequence happens.n t people learn the hard way.n obama never negotiate, he just demands something of complaints. when he doesn't get what he wants. he is far more mature than that, don't you think? we will keep thinking about that. thank you for your comments. we love hearing from you. we love hearing from you. >>> a massive winter storm wreaks havoc bringing blinding snow and devastang tornadoes. at least six are dead, over a thousand flights canceled nationwide stranding holiday travelers and worries things could get worse. welcome, i'm eric bolling in for neil cavuto and this is your world and we're tracking a deadly winter storm as it makes its way towards the east coast. in indiana, heavy snow stranding dozens of vehicles asolkseal with blizzard. a foot in bloming to know. across the south and southst 34 twisters leveled homes. in mississippi for than 25 people injured and 70 homes damaged. that number expected to rise. the storm kn
that immediately. senate democrats saying we passed a bill that raises tax rates on incomes over $250,000, we ran on this and this is what we are offering. house republicans were saying, no, we want to negotiate something, figure it out and send it to us. someone is going to have to move. who? the president met with senate majority leader harry reid before going to hawaii and his offer was to extend the tax cuts for incomes under $250,000, extend unemployment insurance benefits, and the lady across the board automatic cuts that are supposed to start january 1. that seems to be a non starter with republicans. it's hard to see where we go from here. host: have they been talking over the christmas break at all? also, one has been the role of senator mitch mcconnell? guest: the line that comes from the speakers office all the time is the line of communication remain open. i don't know how much talking they did as the president was in hawaii spending time with his family and the speaker was back home in ohio, i believe. i don't know that for sure. everyone was doing their family time and not really wo
that protects the middle class from an income tax hike, extends unemployment to the 2 million americans looking for a job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal cliff. that meeting lasted for an hour and five minutes. on a story where every second and every maneuver counts, let's get chief to white house correspondent jessica yellin. jessica, the president says he's modestly optimist being but each also presented a backup plan. does the president really think it will come to that? >> at this point, no, they don't, john, because the white house is hopeful that the agreement that the senators are working on can actually move forward after the meeting here. there is a modest uptick in enthusiasm about that poss
package for an up or down vote, one that protects the middle class from an income tax hike, extends the vital life line of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. >> and just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face to face-closed-door meeting at the white housed to between all the key players. the president, the vice president, the treasury secretary, and all four congressional leaders. huddled together with just four days to go before we all go over the fiscal cliff. that meeting lasted for an hour and five minutes. now on a story where every second and every maneuver counts let's get right to chief white house correspondent increase ka yellin. the president says he's modestly optimistic but he also presented a backup plan. does the president really think it will come to that? >> at this point, no. they don't. because the white house is hopeful, first of all, that the agreement that the senators a
, people paycheck get smaller because the payroll taxes expire. people will have to pay in their taxes to a different way. the alternative minimum tax won't be patched and we'll have to be addressed as well. taxes will go up. spending cuts over time will happen as well. i think the stock market will be hit hard. i have the most to lose than anyone i know but the only way to fix the economy. >> eric: president obama wants tax cuts to expire for everyone except those making under $250,000 a year. john boehner plan "b" making $1 million. this looked like president obama coming back with the same deal at 250. they are miles apart. >> kimberly: you were able to speak to people on the hill. what was your reaction? >> andrea: the president spread the stories that he will come to the table with a deal. swan dive off the fiscal cliff, hold your nose. we're going off. president obama wants to us go off hecht will come back with a largeer plan. the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able
, the only thing is he'll be proposing to his caucus a tax cut. everybody changes on january 3rd. you're no longer talking about some people getting a tax increase. harry reid and john boehner for instance said -- the speaker saying the senate should take it up. harry reid is speaking on the floor. let's take a listen. >> because americans' taxes are approaching the wrong direction come the first of this year, americans will have less income than they have today. if we go over the cliff, the house of representatives, as we speak, with four days left after today before the first of the year aren't here with the speaker having told them they'll give them 48 hours notice. i can't imagine their consciences where they are around the country and we're here trying to get something done. they are not in washington, d.c. the house of representatives are not here. they couldn't even get the leadership together yesterday. they had to do it with a teleconference. republican leadership. if we go over the cliff, we'll be left with the knowledge that could have been about a single vote. mr. speaker,
, the scaled-down plan which would keep taxes low for 98% of americans, raising them for folks over 250, extending unemployment benefits. would you vote for that as an alternative to going over the fiscal cliff? >> i would have voted just to extend the tax cuts for 99.8% or whatever it was of americans that was john boehner's plan "b." a couple of things are either being misreported or inaccurately reported because what gets in the way of the president's plan is the constitution of the united states. and the good thing about this meeting is that the focus is now firmly on the united states senate where it should have been all these months. the house acted a long time ago to extend all the tax cuts and take care of sequestration. the senate has given speeches. >> you're referring to the fact that revenue issues are supposed to generate in the house. right now, both speaker boehner and the president say it's between reid and mcconnell which does raise the question, whatever procedural and constitutional issues, which are profound. are you concerned as a republican, someone who is close to
is more affected by what happens in washington financial sector directly affected by the fed, by tax policy, etc., the financials had a turnaround as well. i think they are still generally negative. the dow is now negative, but just by a couple ticks. again the turnaround is story. financials in general today, tell us how they did. nicole: the one i would talk about that really represents what went on with the financials is bank of america. bank of america hit a 52 week high, sold off, was like a number one loser in if the dow, number two loser in the dow and then moved back and came up off the lows. so it shows you the financials really drive the market one way or another. you really get a good feel. david: bank of america is up over 100% this year even with today's loss. it has incredible turnaround. [closing bell ringing] shibani: the bells are ringing on wall street. it was a roller coaster ride of a day. let's take a look at how stocks are finishing up. it's well on the fence here as to where we're going to close. the dow is lower right now. down about 20 points. the s&p 500 dow
. fiscal faceoff or new year's resolution. also one tax that will go up. marilyn monroe closely watched by the fbi. director's feud over "django unchained" and a chance for 100 lucky people to star in the super bowl halftime show alongside beyonce'. details on those stories throughout the hour. >>> but up first, right now senate leaders scrambling to find common ground to avoid going over that fiscal cliff. got less than three days to go now, folks. at the same time in his weekly address today, the president says he's preparing a plan of action if no deal is reached. >> if an agreement isn't reached on time, then i'll urge the senate to hold an up or down vote on a basic package that protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job, and lays the ground work for future progress on more economic growth and deficit reduction. >> republicans say they want a deal as well, but they highlighted their biggest sticking points today in their weekly address. listen now to missouri senator roy blount. >> senate democrats have sp
house and senate leaders from both parties to try and hammer out a deal avoiding the tax hikes and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since the last time they got together. the obama administration called that mid another meeting constructive but there has been little to no progress. today lawmakers on both sides of the aisle tried to strike an optimistic tone. >> millions of americans are out there struggling and certainly they deserve a congress that will avoid going over the fiscal cliff, which is why the president has been working hard to bring leaders together. >> we can't continue to kick the can down the road with half measures. i think the market will respond in a permanent and negative way to our inaction. >> the chairman of the senate finance committee says it comes down to this meeting adding i wish them luck. it would be a great new year's present for the country. ed henry, how pivot the is the meeting? >> we're on the verge of the biggest tax increase
a deal before taxes go up on more than 160 million americans. after the meeting, the president presented a new plan to avoid the cliff and said he was modestly optimistic. >> we had a constructive meeting today. senators reid and mcconnell are discussing a potential agreement where we can get a bipartisan bill out of the senate over into the house and done in a timely fashion so that we met the december 31st deadline. given how things have been working in this town we have to actually wait and see until it actually happens. the one thing that the american people should not have to wait and see is some sort of action. so if we don't see an agreement between the two leaders in the senate, i expect a bill to go on the floor. and i have asked senator reid to do. this put a bill on the floor that makes sure that taxes on middle class families don't go up, that unemployment insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> joining us now from capitol hill. south da
there. the hard top economists and started a website. we held a second conference on tax policy in may in new york and we have an event scheduled in september in chicago that will feature governor mitch daniels. like the project as a whole, this book seeks americans as our economic problems as a way to advance opportunity and prosperity. we are currently growing at 2%. that's not good enough. this book offers free ticket to 4%. if we get to 4%, unemployment will plummet and so with the burden of debt. we hope this book will become the focus of discussion about the economy during the election campaign and beyond. it's about growth and freedom. today we have a short discussion appear among three contributors to the book. i want to introduce my good friend and former colleague, kevin hassett, american enterprise institute, formerly senior economist at the fed. he read a great chapter on the path to growth, focusing on spending, taxes and certainty. next come on the far end, jason fichtner, senior research fellow at the mercator center at george mason university and former chief economist
because a half trillion dollars plus tax hit is about to kick in as a deal to avoid the fiscal cliff is no where are in sight and time is running out. we hit the streets to show people this. this graphic shows how big a tax hit you could expect depending on your income no matter where in the country you live. for folks who could soon be forced to pay higher taxes, reality setting in. >> january 1st, that's what your taxes would go up. >> wow. >> wow. >> wow is not wow. >> well, it's going to be somewhere between 8,000 to $12,000, which i don't have. so i'm not looking forward to that. >> we're living paycheck by paycheck. i have five kids and that's going to put us way down in the hole. >> i'm a single income, you've got to be kidding. >> that's a lot of money. >> we need to keep our money in our pockets to help our country first. >> that sucks. i have a lot more better things to do with that money than give it someplace else. >> taxpayers are clearly worried. it deny next guest reaction from florida republican congressman, good friend, allen west. start with the -- some news we hear
're for middle class tax cuts reaching a deal early in january even though this is a g.o.p. middle class tax rate that president george w. bush enacted so, you know, that's the way going forward. >> wait for the first paycheck, it's going to be lower. >> see what happens monday morning, dying to see what happens this weekend. >> yeah, because they are meeting this weekend. >> oh, are they meeting? dagen, it's yours. >> when you are outraged, you sound authoritative. i sound like a crazy red neck. i need your help. putting the band back together, the president hosting party leaders at the white house trying to find middle ground on dealing with the coming tax increases and spending cuts. the damage done already to american business, uncertainty and looming tax burden has owners up in arms. can housing continue to recover among all of this? why washington should not pull out the rug from under this rebound. ship wreck, massive port strike that could happen this weekend halts commerce for the country. top of the hour, stocks now and every 15 minutes, lauren at the new york stock exchange. stocks dow
for the economy. and the transaction tax is being taken very seriously in europe and probably will happen there, even though the u.k. is kicking and screaming because they specialize in being the home of trading, whether trading in stocks or derivatives or anything else. they simply do not want that to be taxed. there are people in congress. i think wall street is now the number-one contributor to political campaigns. at least, it is in the running for number-one. i have been to washington many times and i'm involved with several groups that are trying to reform the business sector so that it can work, so that it can survive. it is very difficult because of the sheer amount of money that the finance sector in particular is pouring into lobbying and campaign contributions. it is very difficult. >> let's give a round of applause for lin. -- lynn. [applause] there is an opportunity for you to purchase and have the but signed. if you have court-further questions, she will be here signing books. thank you all and have a safe trip home. [captioning performed by national captioning institute] [caption
plans that democrats used to support but now they won't. i don't want taxes to go up. republicans don't want taxes to go up. but we only run the house, democrats continue to run washington. >> gregg: national correspondent steve centanni joins us live from washington. >> reporter: d.c. may be some shutting down for christmas but the clock hasn't stopped and fiscal cliff is closer than ever. no deal was reached this week to keep taxes from going up. joan boehner pulled plug on the plan "b" and he says it is now up to the president and g.o.p. is continuing to hammer away at president obama. >> this is the year size of our debt surpassed the our economy. a grim milestone if we don't come to grips to w it. the president's plan to raise tax rates ko could still be as far as eye could see. >> reporter: president obama will return after christmas and work on fiscal issues. he believes a comprehensive deal could be reached but he seems to be acknowledging for scaled back plan for cutting taxes on the middle-class. >> even though democrats and republicans are arguing about whether those rates
that are beneficiary of another insurance program. that loan is a hidden tax that people don't focus on unless it's pointed out to them. it raises the cost to everyone else. that fact never gets talked about. and it should. >> the largest government health care program medicare is frequently reported to have fraud levels of high sometimes $60 billion a year. i think that's a number i heard. >> i heard it. >> so you can imagine the frustration an the part of the public about that kind of . >> absolutely. >> that kind of fraud and abuse. what has this city never been able to get the arms around the level of fraud and abuse. what does it say for the expansion of government-one programs? >> well, the fact is that it's expensive to weed out the waste fraud and abuse. it takes an awful lot of government time and money put in to eliminating it. i think it's worth doing it. i don't think we do it nearly enough because if you stop it, and slow it down, then gradually you can retract the government requirement to weed it out. you get rid of it you don't have to pay as much to keep it out as you do to get o
as the fiscal cliff deadline loomed, january first. it would mean more than $600 billion in across-the-board tax increases and automatic spending cuts. >> come the first of this year, americans will have less income than they have today. if we go over the cliff, and it looks like that's where we're headed. >> warner: this morning, the senate's democratic majority leader, harry reid, was blunt about chances for a deal. and he blamed house speaker john boehner. just before christmas, boehner floated his so-called "plan b"-- letting taxes rise on millionaires. but faced with opposition in republican ranks, he pulled it, and sent the house home for the holiday. reid charged today politics explained why the speaker had not yet called the house back. >> john boehner seems to care more about keeping his speakership than keeping the nation on a firm financial footing. it's obvious what's going on. he's waiting until january 3 to get reelected to speaker before he gets serious about negotiations. >> warner: a boenhner spokesman shot back, "harry reid should talk less and legislate more." but late today,
that he wanted to extend the bush era tax cuts for those making less than $250,000 and focusing on the unemployment insurance for more than 2 million americans who are already receiving letters within the next days. as early as tomorrow, luke, they will stop getting those checks if nothing changes. it will be the last check they will get if nothing changes going forward. recognize the five who will be here in this private meeting will be meeting for the first time since before thanksgiving. so while the president said a week ago he was open to several steps to get a comprehensive package done, he said could it happen all at once, over the course of several steps at this point the most optimistic perspective coming from here is that they can make those small steps to get through the new year and have to relitigate this again in the beginning of the new year. >> wouldn't that be fun for all involved. kelly o., on the hill, tapped into boehner. they have been saying all along that it is up for the senate to act and the president to act and the house has done its will, washed their
. both sides still far apart, however, on taxes and spending cuts. senate majority leader harry reid says prospects for a deal by monday are still unlikely. there was a lot of movement, motion for not a lot of action. >> where were you yesterday? >> i was here. we were together. >> were we ever with our -- no. but there were duelling senate leaders just -- first mcconnell came on. and he said -- did you see either one of those? >> i did. >> did you see harry reid? >> there's no chance of -- >> but if you think -- i want to rise above. there was so little of anything close to that yesterday other than just the -- i mean, people at home must be like, it's the endless blaming and finger pointing and, you know, when one side says it's all the other side's fault and all the other side comes on and says people at home aren't going, wow, i believe you, harry. or i believe i, mitch. they're saying you're both losers, right? >> right. >> my real concern is this is what the current version of america actually voted for. >> the house is different. all politics is local. harry reid, you know which in
where everyone's taxes go up and huge spending cuts kick in, saying that would be wrong for the economy and wrong for the country. the president said he is urging the senate leaders, reid and mcconnell to come back to him with a plan by sunday. he says if they're unable to do that, then he is demanding that his backup proposal from last week allowing tax rates to rise for those making $250,000 and extending unemployment we was for 2 million jobless americans whose benefits will run out on january 1st, he wants that proposal to go to the house and the senate, the senate first, and demands an up or down vote. >> if you can get a majority in the house and a majority in the senate, then we should be able to pass a bill. so the american people are watching what we do here. obviously their patience is already thin. this is deja vu all over again. >> again, the president reiterated he wants that up or down vote and says that the american public deserves it. the president's remarks came after an hour meeting -- let me try that again. the president's remarks came an hour and a half after he fini
? the president at one point actually upped what he was willing to tax. he wants taxes. originally saying on incomes of 250,000 and up. then he went to 400,000. what kind of compromise do we need from both side to get a deal done so that i don't have to keep boring people with this term fiscal cliff? >> right. to really get the deal done right you need about 4 troll trillion to get us back on track. that means pro-growth tax reform, entitlement reform and better control of savings of the proposals at this point are not at that level. they're more $2.5 trillion range. we're very anxious to see what the president will put forward in terms of savings and reform. adam: in roughly four days can all of you in washington get this deal done? or is it going to be some kind of a patch with some kind of delay and than we'll deal with the new congress deals with it? >> well, adam i think you're kind of on it there. it would be great if we can get it done. if not let's at least get the framework to set it up and finish it off right away. either way we have to get a deal done before congress gets adjou
taxes on families and small businesses. it was a mandate to work together to begin solving the massive debt that threatens our country's future. >> reporter: the house and the senate will both be back in session tomorrow and the president has said he expects them to quickly vote to pass legislation to avoid the fiscal cliff, if, he and the speaker are able to make a deal before it's too late. gregg: we'll be holding our breath. peter doocy, thanks. >> reporter: yeah. patti ann: the commander-in-chief also spent part of his holiday thanking the troops on a visit to a hawaiian military base. the president and first lady paying tribute to those here and abroad who risk their lives keeping us safe. he took time to honor their families as well. >> so many of you make sacrifices day in, day out on behalf of our freedom, on behalf of our security, and not only do those in uniform make sacrifices but i think everybody here understands the sacrifices that families make each and every day as well. and michelle --. patti ann: the president also made a series of holiday phone calls monday night th
? there was a lot of talk of small ball. a bill to allow taxes to go up on everybody or at least couples that make more than $250,000 a year. $200,000 with single filers. harry reid said he is not going to prepare a bill unless mitch mcconnell allows it to come for a vote for a simple majority. they are seeking assurances that he won't try to block it. for his part he said it's up to the president to lead. unclear if anything is going to happen today. it's becoming more and more likely we will hit january 1st without a resolution. >> peter, obviously the president gets back a little bit from now. what are we hearing about their strategy? we have that very effective bully pulpit? >> it's a good question. the president is supposed to arrive a couple hours from now. 72 degrees for honolulu. better hope he brings sunshine back with him. the real challenge is when he gets here, there is barely 100 hours before the headline hits. he said a short time ago describing their strategy and it remains not too dissimilar. it's not whether we can get a deal done or not. whether mcconnell will filibuster such a d
that would raise taxes, would they allow it to -- and the answer to that is probably not. democrats have alleged for week now what john bain ser doing is waiting until the gavel is safely in his hands for the next congress. that happens on january 3rd, when they formally elect a speaker. that's one theory, but probably the thing that make the most sense is the fact that then it becomes a vote to cut taxes for 98% of americans, instead of allowing them to rise for 1% or 2%. that is something logically the republicans would probably or more likely go along with, though at this point who knows where we'll end up with on this thing. january 3rd is the new congress. in the days after that, that's the inertia it scenario. >> gentlemen, thanks so that. i appreciate it. >>> we want to bring in today's panel s perry bacon, democratic strategy margie omero, and chip saltzmann. i want to talk about with what steve la tourette had to say today being interviewed on cnn. >> this isn't a one party or a one house problem. this is leaders of both parties and all branches of the government not willing to
the president. this is personal. this has nothing to do with raising taxes. this is a personal attack and i think it's a shame. we look like a third world country. we don't look like the united states. host: let's get a republican voice. our next caller is calling from west bloomfield, michigan, on the republican line. good morning. caller: i would like to get your thoughts on a balanced approach and have unbiased taxation by using a flat tax. that way you can calculate the amount of taxes we need for the deficit over 10 years. another point is to control the spending on entitlements by not giving millionaires social security benefits, thereby satisfying president obama's approach. instead of doing it through taxation, he can do it through the entitlements. guest: those are both ideas that have been raised, especially the social security and medicare benefits for the wealthy and potentially might not need them to live off of. one tricky part of that is wealthier americans have been paying these taxes for decades into social security and medicare if and a lot of folks have a problem with the
the fiscal cliff. what will lawmaker do to save you from more taxes and fewer benefits? >>> the littlest pawns in a political fight. we'll talk to one woman whose hopes for adopting a russian son may have just been shattered. >>> and they're back. kathy griffin and anderson cooper ringing in new year's eve. but why was kathy's make itted on "a.c.'s" -- naked on "a.c.'s" couch? we'll explain. >>> good morning, it's 10:00 on the east coast, 7:00 on the west coast. i'm alison kosik. randi kaye is off today. we're just three days away from possibly crossing over the fiscal cliff. for the first time in weeks, there's some hope coming from washington. senate leaders are negotiating a deal they hope can go to a vote, go to a vote soon. cnn radio capitol hill correspondent lisa desjardins is in washington. you were on thrill yesterday for the political action between president obama, between congressional leaders. they sound more optimistic, at least president obama does. do you think we're any closer to a deal at this point? >> i think there's no doubt that we are closer to a deal, but how much
stocking. higher taxes, lawmakers and president obama have left washington for christmas with no deal on tax hikes and spending cuts set to go in effect after the first of the year. brianna keilar is live in hawaii where the president is spending the christmas holiday. brianna, the president maybe a little too optimistic that a deal can be reached? aloha, by the way. >> he did say last night that he is a hopeless optimist that something can get done, but what we know, it's not going to be that big package, obviously of deficit reduction as well as dealing with these tax hikes that are set to kick in. that's not what's going to be happening, instead, he's pressing for something smaller just to a deal with stopping those tax hikes from kicking in for americans making $250,000 per year or less. and also trying to make sure that unemployment benefits are extended. listen to what president obama said last night and also listen to what some of the house republican resistance from speaker boehner to his sort of short-term plan here. >> in the next few days, i've asked leaders of congress to
. >> he's going to get tax rate hikes. >> are we going over the cliff? >> i believe we are. >> be republican and be conservative and pass a bill that cuts tax. >> boehner has no control over his extreme right wing faction. >> should anybody's taxes be raised at this point? answer yes or no. >> no. no. ♪ >> we begin as president obama and the senate head back to washington set for one last effort to avert the first fiscal cliff. aloha means good-bye for the president as he packs bound for the white house tonight. the president cutting short his vacation leaving michelle and the girls behind as he gets back to work to try to prevent tax increases and spending cuts due to begin next week. there's just one problem. it appears there would be no house republicans to help hammer out a deal. the gop leadership has not yet called their members back to d.c. and will not be in session tomorrow for legislative business. according to one gop aide, they felt it's up to the democrats to act now. so the christmas spirit has not softened actions. but what has softened? customer confidence
brink and taxes going up for all americans. so far, there's been no call for the house to get back to the hill. senators return to the capitol tomorrow. the question remains krks the president join congress and surf the rough political waters to get a deal in time? >> i think he's doing all he can and calving hell at the same time and there's give, give. i think it's very, very difficult, particularly after boehner's plan "b" failed. >> the key issue i think and the american people are catching on is that the problem that we have is we have a right wing political figure in the house way, way, way out of touch of what the american people are thinking. >>> there's early economic sinls that the uncertainty over the cliff may have clayed the role of scrooge this holiday season. early holiday numbers point to the worst year to year growth since 2008. >>> i think the president is steward of this economy needs to try to reach the big compromise with speaker boehner and the two men came very close. >> all right. let's check in and say good morning to nbc news correspondent mike vi cara now
the american people out of the line of fire in terms of taxes. >> it's being operated with a dictatorship of the speaker. >> i have never known john boehner not to have a plan. >> it seems pretty dark right now. >> it looks like there's no way there's going to be any deal done. >> so i say to the speaker, take the escape hatch we've left you. >> we're not going to get anything done that doesn't involve some measure of compromise. >> it's not 100% sure that's going to work any longer, and now that we know how fanatical the fanatics are. >> it's like blah, blah, blah. >>> a very busy day here in washington and we want to take you right to the senate floor where senator mitch mcconnell is actually speaking about the fiscal cliff. let's take a listen. >> we'll see what the president has to propose. members on both sides of the aisle will review it, and then we'll decide how best to proceed. hopefully, there's still time for an agreement of some kind that saves the taxpayers from a wholly, wholly preventable economic crisis. mr. president, i yield the floor. >> the majority leader. >> i'm not
in a search for an 11th hour deal to prevent severe tax hikes and spending cuts from automatically kicking in with the new year. cnn's chief white house correspondent jessica yellin is getting new details. jess can ka, what are you hearing about that meeting? >> reporter: candy, the president is going to explain or reiterate the position he took on friday, that he would like a plan that extends tax rates for people who make $250,000 and below but raises them for those who make more than that. that it extends unemployment benefits for americans. and if the president, i'm told will say if he does not get an agreement to that plan, he will ask the other leaders what they can agree to, what what they would like instead. if they cannot come up with a proposal that will pass the house and the senate, will ask for a vote on his measure. but that meeting, candy, is still going on. congre congressional leaders arrived at the white house for a last-ditch meeting just days before a new year's deadline. back on the hill, pressure to break the stalemate. >> we've got to demonstrate we have some capacit
for political purposes. i think he sees a political victory at the bottom of the cliff. gets additional tax revenue for new programs, gets to cut the military and blame republicans for it. >> attention now turns to the senate which will reconvene on thursday. the 27th. house majority leader harry reid now has the task of trying to cobble something together that could perhaps pass the senate and also pass the house with some republican support. the expectation would be some democratic support. the white house is still calling for the threshold on tax cuts to be a quarter million. it seems unlikely republicans would sign on the that, and officially president obama is supposed to be remaining here in hawaii through the new year, it seems likely he will be heading back to washington sometimes around when the senate convenes. and in the meantime, just up in the air about what is going to happen. is it going to be a very unmerry cliff-mass? perhaps. >> i feel like we should pause and listen to the best sound in the world behind you. the waves crashing on the beach. >> pretty good. thanks. >>> dan
's paychecks will get smaller because payroll taxes will have expired. peopleville to pay in because the alternative minimum tax won't be patched. taxes will go up. spending cuts over time will happen as well. the stock market, i think the stock market will be hit hard. but again, here i am saying, let's do this. i have the most to lose of anyone i know. it's the only way to fix the economy. it's the best thing for the economy. >> okay. take us through what each side is wanting. >> here's what the deal is. president obama wants tax cuts to expire for everyone except those making $250,000 a year. john boehner's plan "b" was anyone making under $1 million a year. neither seemed to work. it looked like president obottomma was coming back with the same deal, $250. they are miles apart. they are miles apart. >> there is a big divide. andrea, you were able to speak with a number of people on the hill. what reaction are you getting? >> well, the president has spread these stories and people in his administration that he is going to come to the table with a deal. we have been hearing that al
. the stakes are clear, the payroll taxes, income taxes, you name it. they put it all together. and if they blow it, who's going to get hurt the most? >> well, i think the republicans right now are hammering themselves in the foot over and over and over again. at some point they may figure out how to stop doing that. but in the short-term doesn't look like that's happening. i think the low expectations right now are only helpful to them if they can get a deal done. it's not clear that can happen. they may even fall short of these low expectations they've had for two years now essentially both sides the white house and the congress advocating their way of getting it done. >> the barrel they're riding in them, the dysfunction around them. >> house republicans have walked away. i was there at the house conference meeting when he says we're not having a vote on plan "b." we're in this horrible standpoint right now. asking harry reid to ask and president obama to act. >> harry reid's his lifeline. let me ask you this. everybody watches politics. this isn't cnbc here, it's politics.
cliff package that president obama laid out on friday, which moved the tax hike needle to $400,000. no word yet on when the house of representatives might come back, but democrats say the only hope we have of something getting through the house, the senate and the white house may be a very last-minute deal. cnn radio's lisa is following developments on capitol hill right now. the ball is in senate majority leader harry reid's court it would seem right now, lisa. >> that's right. harry reid and the senate seem to be the only game in town right now with the senate returning today. we also know from sources, ali, that over this christmas break there were no conversations between the president and top-level republicans. sources from both parties are telling us they are watching the senate, especially the democratic leadership in the senate. we also know yesterday house republicans came out with a statement saying that he will act only after the u.s. senate acts. we're not sure what the senate will do, as you say, we're expecting that smaller deal. what exactly will they vote on? pe
at how it will affect you and your pocketbook. today we're focusing on that potentially higher tax bill. ryan mack is president of optimum capital management and joins me via skype from detroit. good morning again, ryan. >> good morning, how are you doing? >> i'm doing pretty good, but we have to talk about tax rates and after that i don't know how i'll be doing. >> i understand. i understand. >> how much higherould tax rates go? >> well, we're looking at the top tax rate going to as high as 39.6% from 35%, the discussions of compromising a level of 37%. capital gains taxes increasing from 15% to 20% pre-bush tax levels. then estate taxes going as high as 55% with the $1 million exemption and currently the 35% with a $5 million exemption so we're definitely going to see a big change coming forward. >> so when will we feel it? >> well we won't feel it until 2014, when the majority of it, when the individuals file their 2013 taxes. the payroll tax cut was for individuals earning $50,000 a year, might fill a lessen in their total check in january, the majority not until 2014. >> so is ther
country teetering on the edge of the fiscal cliff you might want to change your tax strategy. advice coming up from michael finney. stay with us. we have a lot more to get to. >>> the health of former president george hw bush is a growing concern. the 88-year-old transfered to houston methodist hospital. he's been at the center ever since a lot of month because of a chronic cough. but he's been fighting a high fever for days. this morning he was put on a liquides only diet. >> no one puts new icu because things are going well we're hoping medicine was help him turn things around. >> barbara bush spent christmas by his side, former president george w bush expected to visit incoming days. >> retailers reeling tonight after holiday sales missed marks. they were expecting shoppers to spend 2% more than last year but turns out sales grew less than 1%. very disappointing. david with, a look the impact on the economy. >> there is no doubt that this is a real blow but kboitsing to impact people making goods retailers put on shelves. dispatting growth is likely tied to conservative gifting. >
the taxes on 98% of the american people to go up. >> richard wolf, you are in washington d.c., the capital of incompetent this morning. >> yeah. >> senator reid used a phrase that has nothing to do with being a republican or democrat at this stage, i don't think, for a lot of people. the phrase he used is the american people don't understand blah, blah, blah what's going on. the american people i would submit don't understand how these people cannot do their jobs that they're elected to. so i'm wondering what's your take on what's going on in washington? you're sitting in washington. >> right. the at least we have bipartisan agreement it's all nuts, right? everyone agrees this is ridiculous and in spite of what they say, they've been talking about it for months and years and there was ample talk about what a framework should be through the election, which wasn't that long ago. there's plenty of debate. to tie the two stories we have been talking wiabout together, there was a colin powerful doctrine that general schwartzkopf executed so well in the first gulf war. which was have an exit str
a bill before january to extend tax cuts for most americans. his remarks came as congress leaves washington without a plan to avoid the fiscal cliff. the president met with harry reid and also spoke with the house speaker. the president said he hoped any deal would include an extension of unemployment insurance and lay the groundwork for a larger deal. this is about seven minutes. >> good afternoon, everybody. for the last few weeks, i have been working with the leaders of both parties on a proposal to get our deficit under control, to avoid tax cuts -- to avoid tax hikes on the middle- class. and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending, but also ask the wealthiest americans to pay more, a proposal that will strengthen the middle class over the long haul, and our economy over the long haul. in the course of these negotiations, i offered to compromise with republicans in congress. i met them halfway on taxes and more than halfway on spending. today, i am still willing to get a comprehensive package done. i still believe that reduci
spending cuts and big tax hikes by january 1. the growing number of lawmakers say they are deeply skeptical that a deal can be reached in the next seven days, and we're beginning to hear new reports suggesting the president may have a smaller deal in mind, one that will keep tax rates where they are and, again, put off the issue of spending cuts. chris stirewalt, fox news digital politics editor, host of "power play" on, chris, good to see you. i was reading your recent column, i want to put a portion of it up on the screen, and i'll quote you: gregg: explain what you mean. >> a cheerful christmas thought, gregg. [laughter] merry, merry. no, when we look back at 2012, if you take a minute and look back at the arc of this year in politics, what you saw was the smallest -- it was the most expensive, but it was the smallest presidential election maybe if history. we didn't talk about anything. the president did talk about higher tax rates, but mostly it was as a way to talk about mitt romney's taxes himself. and we didn't talk about much in this except for mitt romney's character a
Search Results 0 to 49 of about 108 (some duplicates have been removed)